SMEs (Small and medium-sized enterprises with 0-249 employees) make up 99.9% of UK businesses, meaning they’re the heart of the UK economy, so we’ve put together some small business management tips to help all succeed.
1. Invest in Marketing
The world we live in is a competitive one, with the internet making it easier to build a business.
As a rule of thumb, you should keep 10% of your revenue aside for marketing if you’re a startup SME and want to push your way into the crowded market place. If you’re an established SME then 5% of your revenue is sufficient enough.
Don’t ever think that because you’re established in the market you don’t need to spend any money on marketing, your market share will reduce dramatically.
Always have a marketing plan.
Here are a few marketing channels your company can invest in:
- Facebook/Instagram Ads
- PPC ads using Google
- Online content marketing
- Renting a stand at an exhibition
- Network marketing and referrals
Use these channels from day one to build brand attention. loyalty and anticipation.
2. Invest in Employee Training
New employees are going to need to learn the ins and outs of the business quickly yet efficiently and investing in employee training will assist with this.
As well as new employees, make sure your existing ones have exactly the same training, even if they’ve been with you for a good few years.
Put together a training plan for all of your employees, you can find one specific for new employees on inc.com.
Sufficient staff training can benefit your business massively, here are a few benefits:
- Improved employee performance
- Improved employee satisfaction and morale
- Being able to address weaknesses and accommodate these accordingly
- Increase productivity
- Reduce employee turnover
- Gives you the ability to delegate certain tasks
There are many more reasons why employee training is vital to your business and you can find out more here.
3. Separate Personal and Business Finances
If you’re completing all of your bookkeeping yourself and mixing your personal and business expenses together then you’re making things a lot harder.
You would have to sit and sift through hundreds of receipts and separate them into business and personal, we can guarantee you haven’t got time for that.
If you initially keep them separate, then this is something you won’t need to do and will give you time to do other important tasks.
When the tax return deadline comes around, if you’re organised and have split your business and personal expenses, then you’re more likely to pay the right amount of tax for your business.
4. Schedule Meetings With Yourself
This may sound a bit crazy but you should schedule meetings with yourself to set time aside to make important business decisions and plan for future growth.
Remember, you’re the one responsible for the success or failure of your business, you’re the one your employees will come to for guidance, and if you don’t run a tight, well-organised ship, then your business will sink.
So every week book a meeting room for 30 minutes to an hour to take yourself away from your office. A different environment will take you out of your routine, help with creative thinking and productivity.
5. Get Professional Help
Don’t be scared to ask for help with certain tasks like your bookkeeping or maybe even marketing for your business there are always other SMEs out there willing to help.
One of the most time-consuming tasks in business is your bookkeeping and this can take you away from growing your business.
Remember, no one is an expert at everything, therefore, don’t try to be and ask for help with certain tasks.
Why do your bookkeeping yourself when you can pass this task on to a professional bookkeeping service like Rosemary Bookkeeping?
For more details on our bookkeeping services for your SMEs, find your nearest Rosemary Bookkeeping business and we’ll be able to assist with any queries.